Seegott Announces Major Acquisition
CLEVELAND, Ohio — Seegott Inc. announced the acquisition of Synergistic Performance Corp. (SPC, a chemical distribution company, was formerly a division of Mini Fibers Inc. of Tennessee.)
Recognizing the synergy in some product lines such as U.S. Silica, Specialty Minerals, Barretts Minerals, Elementis Pigments and Franklin Minerals, Seegott approached Mini Fibers in early December 1998. The deal was finalized February 1, 1999. SPC sales were $12 million in 1998, and the acquisition is expected to add 20% to 30% in revenue to Seegott’s 1999 projected sales of $90 million.
In addition to the similar product lines, SPC is a strategic fit from a national-coverage perspective. Says Chief Operating Officer Bob Sustar, “SPC has great coverage in Northern California, Washington and Oregon — an area where we lacked coverage.” The SPC purchase is part of Seegott’s strategic plan to grow through acquisitions.